Motor Driver ICs Market to Reach Valuation of US$ 6.93 Bn by 2031

Transparency Market Research delivers key insights on the global motor driver ICs market. In terms of revenue, the global motor driver ICs market is estimated to expand at a CAGR of 6.14% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in

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The global motor driver ICs market is broadly affected by several factors, including usage of motor driver ICs in the automotive sector and industrial automation. Thus, expanding applications of the motor driver ICs in the automotive sector and industrial automation are propelling the global motor driver ICs market.

Motor Driver ICs Market: Dynamics

A motor driver IC is an integrated circuit chip that is usually used to control motors in autonomous robots. Motor driver ICs act as an interface between microprocessors in robots and the motors in the robot. Most microprocessors operate at low voltages and require a small amount of current, while motors require a relatively higher voltage and current. Thus, current cannot be supplied to the motors from the microprocessor. Additionally, motor driver ICs help perform various operations such as selecting the reverse or forward rotation of the motor, protecting against overload, and regulating the motor speed. There are three types of motor driver ICs: brushed DC motor, brushless DC motor, and stepper motor.

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In terms of end-use industry, the automotive industry segment of the motor driver ICs market is expanding significantly due to the increase in vehicle production across the globe. The rise in demand for safety and comfort features in vehicles is likely to increase vehicle electrification, which is likely to increase the demand for electronics components and consequently, propel the motor driver ICs market across the globe. The increase in the demand for electric vehicles due to the enactment of stringent emission norms across the globe is anticipated to enhance the use of microcontrollers and motor driver ICs in vehicles. The surge in integration of electric power steering, automatic sliding doors, and electric sunroofs in vehicles is likely to boost the motor driver ICs market across the globe. This, in turn, is further expected to boost the adoption of motor driver ICs s during the forecast period.

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Motor Driver ICs Market: Prominent Regions

The motor driver ICs market in Asia Pacific is expected to expand during the forecast period, owing to the presence of key market players, technological advancements, and expansion of the automotive sector in the region. The motor driver ICs market in Asia Pacific is projected to expand further due to the significant rise in the adoption of motor driver ICs in automotive applications and growing industrial automation in the region. Moreover, government support for industry automation also boosts the demand in the region. Numerous countries in the Asia Pacific have enacted regulations, such as KCC in South Korea, to minimize the radio-frequency interference between electronic equipment. Hence, the market in the region is projected to reach US$ 2,200 Mn by 2030. The motor driver ICs market in North America is likely to expand at a notable CAGR of 6.25% during the forecast period, owing to the presence of a significant number of players manufacturing motor driver ICs in the region.

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Motor Driver ICs Market: Key Players

Key players operating in the global motor driver ICs market are ABB, Allegro MicroSystems, Inc., Infineon Technologies AG, Maxim Integrated, Microchip Technology Inc., NXP Semiconductors, ON Semiconductor, Panasonic Corporation, Rockwell Automation, Inc., STMicroelectronics, Texas Instruments Inc., Toshiba Corporation, Dialog Semiconductor, M5Stack, New Japan Radio Co.,Ltd., Performance Motion Devices, Inc., Power Integrations, Rohm Semiconductor, and Diodes Incorporated.

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